By Sheri Kasprzak
Atlanta, Dec. 22 - Adanac Moly Corp. said late Tuesday it has increased the size of a previously announced non-brokered private placement to C$1.15 million.
The previous offering, announced Dec. 13 for C$750,000, was oversubscribed.
The company will now offer 2.3 million units at C$0.50 each. The units are comprised of one share and one warrant.
The warrants allow for an additional share at C$0.60 each for one year.
Based in White Rock, B.C., Adanac is a molybdenum development company. It plans to use the proceeds from the offering for general working capital and its pre-feasibility reports.
| Issuer: | Adanac Moly Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.15 million
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| Shares: | 2.3 million units
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| Price: | C$0.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.60
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| Announcement date: | Dec. 13
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| Upsized: | Dec. 21
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| Stock price: | C$0.79 at close Dec. 21
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